Bbva Ord Regulatory News (BVA)

Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), pursuant to the provisions of the Spanish Securities Market Act, hereby proceeds by means of the present document to notify the following

RELEVANT EVENT

BBVA notes the announcements made today by the European Banking Authority (EBA) and competent National Supervisor regarding the capital exercise, which demonstrate the following result for BBVA:

The capital exercise proposed by the EBA and agreed by the Council on October the 26th 2011 requires banks to strengthen their capital positions by building up a temporary capital buffer against sovereign debt exposures to reflect current market prices. In addition, it requires them to establish a buffer such that the Core Tier 1 capital ratio reaches a level of 9% by the end of June 2012. The amount of any final capital buffer identified is based on September 2011 figures, and constitutes an exceptional and temporary buffer. The amount of the sovereign capital buffer will not be revised.

Following completion of the capital exercise conducted by the European Banking Authority, in close cooperation with the competent national authority, and conducted to 71 banks across Europe, the exercise has determined that for BBVA:

The final quantification of the capital buffer as of September 2011, in line with BBVA's estimation after the preliminary release, is €6,329 mn which must be addressed by end June 2012. Of this buffer, €2,313 mn corresponds to the sovereign buffer.

BBVA will ensure that by the end of June 2012 the bank will adhere to the 9% Core Tier 1 capital ratio and, to this end, submit a plan to the national supervisory authority. In this plan the bank will set out the proposed mix of actions to meet the required 9% target thereby bringing the extra buffer required to zero by June 2012. The plan - to be submitted by January the 20th 2012 - will be discussed with the national competent authorities, in consultation with the relevant college of supervisors and the EBA.

BBVA has already adopted measures to address the capital buffer required by the EBA. Amid them, the exchange offer of preferred shares for mandatory convertibles announced on November the 22nd. In addition, BBVA will meet the requirements established by the EBA through a combination of organic capital generation and other measures of balance-sheet management. As stated in the relevant event released on October the 27th 2011, BBVA rules out in any case the use of public support.

Notes

Find attached detailed information of the results of the EBA exercise. Further

information could also be consulted on the EBA website (www.eba.europa.eu).

http://www.rns-pdf.londonstockexchange.com/rns/6547T_-2011-12-8.pdf